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Risk Management Many times it so happens that a project is delayed or needs extra money to be pumped in by the organization to complete the work. However, after completing the project when the organization performs the post-mortem, they see that many of the reasons causing such problems can be avoided by proper advanced planning; i.e. by adopting the risk management principles. The risk management plan is a plan that identifies future risks and prepares a contingency plan to deal with them. Many professionals think this plan is separate and isolated; however, this is a wrong assumption. The risk management plan is an integral part of the project management plan and it is developed along with it. This plan defines the guidelines that how you will identify the project risks and techniques to manage them. This plan aims to minimize the threats' impact and increase the probability of opportunities. Three steps are required to develop the project risk management plan. These steps are a

  Why Risk Management is important for  Project  success? If you don't invest in risk management, it doesn't matter what business you're in, it's a risky business. -Gary Cohn Let’s understand Risk and different types of Risks... Risks are future problems; focus is on Future consequences. Risk  - An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. Positive Risks  - Are the opportunities that may have positive impacts on the project’s objectives. e.g., let us say that there is a possibility that if you complete your project a few days before the scheduled date, you will get another project. Negative Risks  - Are threats that may have negative impacts on the project’s objectives. e.g., let us say that in your project there is a possibility that some equipment may break due to workload; this is an example of a negative risk, and if this happens, it will damage your project. Pure Risks -  A risk that can ha

  Introduction The purpose of this paper is to gain an understanding of project management and to give a brief overview of the methodology that underpins most formally run projects. Many organizations do not employ full-time Project Managers and it is common to pull together a project team to address a specific need. While most people are not formally skilled in project methodology, taking a role in a project team can be an excellent learning opportunity and can enhance a person's career profile. What is a Project? A project is a temporary and one-time exercise that   varies in duration. It is undertaken to address a specific need in an organization, which may be to create a product or service or to change a business process. This is in direct contrast to how an organization generally works on a permanent basis to produce its goods or services. For example, the work of an organization may be to manufacture trucks on a continual basis, therefore the work is considered functional as

  Requirements management is a necessary and critical process that helps you understand your customers' requirements and analyze them for developing products that fulfill their expectations, and render profitable revenues for your business. Developing products based on your own perceptions or vague assumptions will make your entire project unsuccessful. You have to have precise information as to what your customers need, or what are their interests so that you can avoid loss of time and money. It is essential to possess tools that can effectively capture the relevant information and provide you with the latest reports in real time so that you can take decisions promptly and enjoy enhanced returns. The requirements management tool provides you with compelling capabilities. It helps in leveraging collaboration between the people, processes, and technology for developing a product that will become a big hit. The software also renders exceptional traceability services which help your d